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Bitcoin drops to $ 9,300, the cryptocurrency market loses $ 20 billion

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The Bitcoin price dropped to $ 9,300, showing a further 3% decline in value over last 24 hours. failed to test the support level of $ 10,000. The cryptocurrency market has followed the trend of short-term bitcoin prices and lost more than $ 20 billion a night.

Slump of Bitcoin

On May 5, the average world price of bitcoin was $ 100 lower than the $ 10,000 mark, with regions like Hong Kong, Japan and South Korea already exceeding $ 10,000. However, bitcoin failed to get the $ 10,000 support level and immediately dropped about 3% to $ 9,600.

Since then, the price of bitcoin has dropped 3% to $ 9,300 and the volume of the cryptocurrency market has dropped by about $ 3 billion, from $ 26 billion to $ 22.9 million. billions of dollars.

Bitcoin technical indicators including Relative Strength Index (RSI) and Williams Percentage (WPR) show a neutral zone, showing that bitcoin has not been oversold or overbought in the last 48 hours. But, simple and exponential moving averages show a negative short-term trend for bitcoin and if the dominant cryptocurrency fails to maintain its volume and momentum at $ 9,300, the Bitcoin price could record another 2% decline. at 4% the next days.

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Traders remain optimistic about the hearing of the Ethereum Securities Commission (SEC) on May 7 in the United States, the founders of Ethereum, including Joseph Lubin , founder of the blockchain development studio. at the launch of Ether to ensure that it is not classified as a security and remains in compliance with the regulations in force.

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If the SEC states that Ethereum is not a security, as it did with bitcoin, it will allow the entire market to recover and d & # 39; Increase investor demand for cryptocurrencies like Bitcoin and Ether

Earlier, SEC chairman Jay Clayton said that a token or cryptocurrency can be considered a title if it is issued by a single corporation and if it is not. Emitted digital asset directly affects the organization.

Ethereum was not created by a commercial company but rather by an open-source development team and its code is written by an open group of developers without the presence of a centralized team or from a trading company.

As CCN has previously reported, Lubin said:

"We have spent a lot of time with lawyers in the United States and in other countries, and we are extremely comfortable that it is not a security; It has never been a security, we are not at all concerned about the current discussions, I think we already have a regulatory system, and the securities laws of this country govern securities. at Howey's test, you're not a security. "

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Ethereal and Tokens

According to the SEC's statement of May 7, the short-term trend of Ether prices and tokens could change dramatically. If the SEC states that bitcoin is not a security based on existing regulations, as most developers, analysts and investors expect, the value of tokens and Ether will likely leap by significant margins in the weeks to come.

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